noob question why use IRA savings account to just store your

>>1815801
Because people seek higher returns? Come on, nigger.

Its for if youre close to retirement age and want to keep it liquid and Fdic insured in preparation for withdrawals

>>1815831
Or, if you just want to get it in for the yearly contribution, but want to wait to decide where youll ultimately invest it.

As in, its april 14th, you haven't done your prior year contribution yet, but are still rezearching investment options.

Once its in your Ira, you can roll it over wherever you like.

>>1815843
oh thanks for the answer

>>1815845
Np.

First job was csr at a credit union, i wondered the same thing at the time.

There are some dummies who do use them for long term investments because they are that risk adverse. Rates wouldn't even keep up with minimal inflation, never made sense.

>>1815801
IRAs are tax sheltered. You can contribute $5,500 a year, or about $456 a month. The more you contribute, the less you pay in taxes(this is true with a traditional IRA). If you opt for a Roth IRA, then the money that you make from working that you contribute is taxed when you file your taxes(income tax), but everything you gain from the account is untaxed the time you withdraw from it at age 59.5. Traditional IRAs give savers tax credits up to $1,000. Now, if you want to just put your money in a broker account, then there are more taxes applicable, and typically at a higher rate. What's generally practiced is you build an emergency fund (about 3-6 months worth of expenses), and then once you've accomplished that, you work on your debt if you have any, and if you don't have any debt or have already knocked out your debt, contribute to your IRA, and after you've maxed that out for the year, then contribute to your broker fund.

>>1815801
Feel dumb, but I have a 401k with my money in a strategic fund. I was planning on rolling it into a Roth IRA. Why is that a bad thing?